IoT trends: Growth on the horizon
POSTED : August 22, 2014
BY : Matt Dillon

We’ve identified the jobs the IoT will impact, as well as major industries the IoT will impact. Yet, these comprehensive lists still do not do the scope of the IoT complete justice. IoT trends are accelerating.

In fact, the entirety of the scope of the IoT is vast beyond belief. As the ease of accessibility and usability to modern technology increases, opportunities for innovation that fill this scope become overwhelming for professionals swamped with thick to-do-lists.

We have highlighted several praiseworthy IoT success stories but let’s talk about the cold, hard facts of the IoT and what it means in numbers.

For starters, the number of connected smart objects in 2006 hovered right around two billion. Think that’s impressive? Well, brace yourself because by 2020 the number of connected smart devices is predicted to increase one-hundredfold to 200 billion – that’s 26 objects per person! These smart things include but are not limited to processors, utility meters, and vehicles.

Furthermore, the global IoT market, which reached $4.8 trillion in 2012, is expected to nearly double to $8.9 trillion by 2020. internet of things trendsThe majority of this surge is concentrated in the healthcare and manufacturing industries, where technological developments go hand-in-hand with improving the quality of everyday life. In essence, smarter products and healthcare mean smarter lifestyles.

In a complete survey of 800 top business executives, 96% say the IoT will be implemented into company operations within the next three years.  In the same poll, 76% reported they are currently considering internal IoT opportunities, and 74% are considering external IoT opportunities. 68% have already taken the first big step by investing in the IoT.

Meanwhile, the value of smart home IoT takes on an entirely separate discussion. Despite the fact that most IoT smart devices are concentrated in businesses, factories, and hospitals, the growing presence of IoT at home is undeniable. Many of the same IoT strategies being implemented in the workplace are also capable of improving our lives at home.

You get the point. The scope of the IoT is enormous – so big that pretty soon you won’t be able to hide from it. Yet as promising as this compilation of recent IoT data may seem, it still has a long way to go. Only 17% of companies from the aforementioned survey currently utilize the IoT for products and services. Ultimately, this just goes to show that the evolution of the IoT is about to unfold right before our very own eyes.

Get our ultimate guide to IoT.

About the author

Matt Dillon
Matt Dillon is a VP of Business Development at Concentrix Catalyst. He has worked in a variety of roles at many technology organizations and loves finding creative solutions to complex technical challenges.

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